Bitcoin Indicator Signals ‘Shift To Bullish Territory’ – Can BTC Break Past $65,000?
September 21 2024 - 12:00PM
NEWSBTC
Bitcoin has experienced a significant price surge since Tuesday,
following the Federal Reserve’s announcement of a 50 bps interest
rate cut. This move pushed BTC past the critical $62,000 mark, a
psychological level that has become a turning point for investor
sentiment. With Bitcoin now testing local supply, market
participants are closely watching for further upside potential.
Related Reading: Ripple Whales Accumulate Over 380 Million XRP in
Just 10 Days: Is A Breakout Near? As the price continues to push
higher, analysts are pointing to crucial data indicating a
potential shift in Bitcoin’s trend after months of downtrend price
action. Glassnode metrics reveal a notable trend change, suggesting
BTC may be entering bullish territory once again. This resurgence
is drawing increased attention from both retail and institutional
investors as they evaluate whether Bitcoin’s rally has staying
power or if the market will face resistance at higher levels. With
renewed momentum, the coming days will be critical in determining
if Bitcoin can sustain this upward trajectory and fully break out
of its previous bearish phase. Bitcoin Signals A Bullish
Return Bitcoin investors have seen sentiment shift
dramatically from fearful to hopeful in just a few days. Following
the Federal Reserve’s rate cut announcement on Wednesday, Bitcoin
surged over 8%, breaking critical levels and testing local supply.
This sudden price action has sparked renewed optimism in the
broader crypto market, giving investors hope for a fresh start
after months of bearish price movement. Prominent crypto analyst
Ali Martinez has shared valuable insights on X, drawing attention
to key data from Glassnode that suggests a significant shift in
Bitcoin’s price trend. Specifically, Ali highlights the Market
Value to Realized Value (MVRV) ratio, which tracks the difference
between BTC’s market price and its actual value. The MVRV ratio,
which had been in a downtrend since April, is now rising, signaling
that Bitcoin may be regaining strength. Ali notes that the MVRV is
a critical indicator for assessing momentum, and the current upward
trend hints at a potential return to bullish territory. Related
Reading: Crypto Analyst Predicts Dogecoin Will Surge 1,000% Past
ATH – Price Targets Revealed The analyst further explains that if
the MVRV can close above its 90-day moving average, it would
confirm a stronger bullish outlook for Bitcoin. Given the
aggressive price surge and the increasing demand reflected in
recent price action, this scenario seems increasingly likely.
Investors are now watching closely, as Bitcoin’s next moves could
mark the beginning of a new bull phase. Technical Levels To Watch
Bitcoin (BTC) is trading at $63,024 after days of consistent “only
up” price action since hitting local lows. The price recently broke
above the daily 200 exponential moving average (EMA) at $59,350 and
is now testing the critical daily 200 moving average (MA) at
$63,954. This daily 200 MA is a key long-term indicator,
signaling overall market strength. If Bitcoin can reclaim this
level as support, it would likely trigger a significant price
surge, bolstering the bullish outlook. Related Reading: XRP ‘The
Safest Investment To Make 100% ROI’ – Former Asset Manager Shares
Price Targets For bulls to maintain momentum, the next target would
be around this critical level, with a potential push toward
$65,000, a price last tested in late August. However, should BTC
fail to hold above $60,000 in the coming days, investors may see a
retracement to lower demand levels. The ability to stay above key
support zones will determine the next phase of price action.
Featured image from Dall-E, chart from TradingView
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